Sun Life Financial Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	3,066	3,129	3,165	2,941	4,035	2,498
Depreciation & Amortization	587	521	480	415	359	328
Other Amortization	218	218	113	113	79	78
Gain (Loss) on Sale of Investments	363	129	-4,657	26,582	1,639	-7,311
Reinsurance Recoverable	41	-136	10	593	86	204
Change in Insurance Reserves / Liabilities	2,166	2,133	6,769	-25,041	2,415	14,921
Change in Other Net Operating Assets	343	393	331	152	-	-
Other Operating Activities	-4,467	-3,590	-560	-1,595	-10,565	-3,662
Operating Cash Flow	2,210	2,532	5,612	4,311	-1,857	7,253
Operating Cash Flow Growth	-58.48%	-54.88%	30.18%	-	-	193.17%
Capital Expenditures	-139	-143	-172	-	-81	-158
Sale of Property, Plant & Equipment	-	-	-	71	-	-
Cash Acquisitions	25	-	-439	-2,633	-412	-469
Investment in Securities	-15	-17	-75	-69	-29	-1
Other Investing Activities	-228	-177	-170	-232	-281	-258
Investing Cash Flow	-357	-337	-559	-2,863	-803	-886
Long-Term Debt Issued	-	769	638	2,432	2,131	2,096
Total Debt Repaid	-528	-1,265	-1,248	-570	-793	-2,656
Net Debt Issued (Repaid)	491	-496	-610	1,862	1,338	-560
Issuance of Common Stock	51	43	49	6	36	18
Repurchases of Common Stock	-1,564	-855	-186	-	-	-200
Issuance of Preferred Stock	-	-	-	-	987	-
Repurchases of Preferred Stock	-	-	-	-	-1,025	-
Common & Preferred Dividends Paid	-2,029	-1,962	-1,882	-1,671	-1,428	-1,360
Total Dividends Paid	-2,029	-1,962	-1,882	-1,671	-1,428	-1,360
Other Financing Activities	-484	-612	-457	-268	-168	-210
Financing Cash Flow	-3,535	-3,882	-3,086	-71	-260	-2,312
Foreign Exchange Rate Adjustments	228	471	-169	302	-35	-92
Net Cash Flow	-1,454	-1,216	1,798	1,679	-2,955	3,963
Free Cash Flow	2,071	2,389	5,440	4,311	-1,938	7,095
Free Cash Flow Growth	-60.20%	-56.08%	26.19%	-	-	200.64%
Free Cash Flow Margin	6.00%	7.22%	17.63%	15.53%	-5.43%	16.37%
Free Cash Flow Per Share	3.63	4.11	9.24	7.32	-3.29	12.05
Cash Interest Paid	361	389	405	270	187	205
Cash Income Tax Paid	1,034	1,138	1,240	795	1,028	690
Levered Free Cash Flow	-5,834	-7,548	2,327	25,201	2,809	-8,330
Unlevered Free Cash Flow	-5,474	-7,133	2,672	25,479	3,013	-8,108
Change in Working Capital	2,550	2,390	7,110	-24,296	2,501	15,125

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.